ZCI Zambia Copper

    Zambia Copper Investments
         Limited
 (Registered in Bermuda)
         ("ZCI")
    ISIN: BMG988431240
                                        
                                        
                         FURTHER CAUTIONARY ANNOUNCEMENT
                                        

Further to the cautionary announcements released over the period 16 May 2003
to  11  June  2004,  shareholders are advised that  negotiations  are  still  in
progress between ZCI, the Government of the Republic of Zambia, ZCCM Investments
Holdings  plc,  Konkola  Copper  Mines plc ("KCM")  and  Vedanta  Resources  plc
("Vedanta"),  the  preferred bidder, regarding the  terms  of  the  proposed
investment by Vedanta into KCM.

Accordingly, ZCI shareholders are advised to continue exercising  caution  when
dealing in ZCI's shares until a detailed announcement is made.

Bermuda
23 July 2004

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